Looking at the weekly time frame for Injective Protocol ($INJ), it can be seen that the price is sitting nicely on top of previous market structure. A weekly Stochastic RSI cross looks as though it may be confirmed at the end of the week, and if so, this would signal the momentum that could take the price back to the $32 resistance, and potentially beyond. The price structure for $INJ is keeping to well delineated support and resistance levels, and should the price drop the current $17.50 level, there is very good support below at $13.70.
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A British Virgin Islands court appointed 3AC liquidators from the consulting firm Teneo, after the hedge fund’s bankruptcy filing. Teneo estimated that 3AC owed its creditors around $3.3 billion. In December last year, the court froze approximately $1.14 billion in assets belonging to the co-founders of the fund. The court prohibited co-founders Su Zhu and Kyle Davies, from transferring or selling the assets. The compensation from Terraform labs to 3AC is still unknown. In June, the blockchain protocol created by Do Kwon – Terraform – announced that it would cease its operations after a settlement with the SEC. Kwon, who was arrested in Montenegro last year, is facing charges in the US and his native land South Korea. Last week, a Montenegro court ruled that Do Kwon should be extradited to South Korea. Various other crypto companies were affected by the Terra contagion, including lenders like Celsius, Vauld and Voyager and exchanges, including the historic FTX.
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The UK’s Financial Conduct Authority (FCA) has fined US cryptocurrency exchange Coinbase (NASDAQ:COIN) $4.5 million for “repeated breaches” of its regulations. According to the UK regulator, the company circumvented the rules by providing services to “high-risk” clients. According to the regulator, CB Payments Limited (CBPL), which is part of the Coinbase Group, operates as a “gateway for clients to trade cryptocurrency through other entities within the company.” Despite entering into a voluntary agreement with the FCA to limit the onboarding of new users classified as high-risk, CBPL breached it by registering and servicing more than 13,400 such clients. The regulator estimates that more than 30% of these users deposited almost $25 million into the crypto exchange’s accounts.
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